The institutional tranche of the initial public offer of Sphera Franchise Group, the company that operates the KFC, Pizza Hut and Pizza Hut Delivery franchises on the local market, has been fully subscribed, sources told Profit.ro.

The group put up for sale 9.8 million shares, which represent 25% of its share capital. The prices ranged between RON 25 (EUR 5.4) per share to RON 33 (EUR 7.1) per share. This would raise the value of the offer to a minimum of RON 245.7 million (EUR 53.4 million) and a maximum of RON 324.4 million (EUR 70.5 million). The institutional tranche represents 85% of the total number of shares on sale while the remaining 15% is allotted to individual investors.

Subscriptions started on October 24, and will end on November 2. Sphera Franchise Group would start floating on the Bucharest Stock Exchange, based on the closing price, at a market value between RON 969.9 million (EUR 210.9 million) and RON 1.28 billion (EUR 278 million).

The company has over 100 restaurants in Romania and total sales of over EUR 130 million per year.

KFC, Pizza Hut owner starts listing offer on Bucharest bourse

editor@romania-insider.com